Guesstimates on August 17, 2012

September S&P E-mini Futures: Today's range estimate is 1408-1417.  Over the next month or two the market should move above 1450.

QQQ:  A move to 76 is underway.

TNX (ten year note yield):  The 10 year yield has started to rally. If this rally has legs it could easily push the 10 year yield to 2.50% or even higher. The bond market is anticipating a revival of economic activity in the US.

Euro-US Dollar: Resistance above the market remains at 1.2760. The market looks like it is on its way to 1.1900.

Dollar-Yen: This market is headed for 75 and lower.

September  Crude: The market has moved above 94 resistance but should stop near 96.  I think the next development will be a resumption of the bear market in crude. Next downside target is 66.

GLD – December Gold:   The market has dropped to the vicinity of the September and December low points at 1544 and 1529 and has started to rally. I think a sustained up move is underway.  

SLV - September Silver: A sustained move up is underway.

Google: Google held support near 562 and now is headed up to 750.

Apple: I think the market is headed above its 644 top and probably to 690-700.  Support stands at 560.